Property remains easy access route to wealth creation

Posted On Friday, 23 May 2014 16:00 Published by eProp Commercial Property News
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Accumulating wealth is a given goal for most people. Yet, the journey to achieve this general and often lofty goal, differs for each person.

Melville

According to Lance Chalwin-Milton, Joint Managing Director of High Street Auctions, "Property remains a straight-forward and safe route, for the average South African to accumulate long-term wealth, as it's a relatively simple industry to break into and understand".

The recent rate increase has, surprisingly, created a very active and dynamic environment in the property auction space, with a marked increase in both demand and supply, as seen at today's successful auction, where 40 properties went on auction at a single event." continues Chalwin-Milton.

The 22 May 2014 High Street Auctions event, held at Summer Place in Hyde Park included the following properties:

  • Well-known Comutanet building in Sunninghill was sold on auction for R 23 million. The office block is in a prime location, easily accessible with massive N1 highway exposure and income generating signage opportunities. The property is positioned over two separate portions, excellent office space, ample parking, manicured gardens and palisade fencing on the perimeter.
  • The Clover Manufacturing and Distribution Plant in Mayfair went for R 28 million. The property is a substantial industrial complex that comprises offices, manufacturing facilities, ablutions, ancillary structures, freezing facilities, an ammonia plant, a clinic and cold rooms with loading bays. The stand size is 3.30 hectares.
  • The Boulevard Shopping Centre in Melville went for the hammer price of R 30 million. The double-storey centre is well located and boasts anchor tenants. The U-Shape design of the centre has ample open outdoor parking, approximately 64 covered bays, a car wash facility and the Melville swimming pool which is managed by the City of Joburg. The NAI is ± R2.87 million.
  • A portfolio disposal of six different buildings in the Gemiston CBD was knocked was knocked down for a combined total of R 26.9 million. The buildings have a mixed use including retail, commercial and residential. Well positioned within the CBD.
  • The three industrial warehouses situated in Germiston reached a combined total of R 18.2 million. Ideally situated on the M2 East, the buildings feature a combination of warehouses, offices, ablutions, parking and vehicle access.
  • Urgent portfolio disposal of 12 mixed use buildingslocated in City and Suburban, Marshalltown, Rosettenville, Bertrams, Denver, Marlboro, Rosslyn, Krugersdorp and Vereeniging went for the combined hamper price of R 14.2 million.
  • The stunning sought-after multi-level Sandton penthouse attained the price of R 3.750 million. The penthouse epitomises the evolution of the urban living with an ambiance of casual elegance, calm and serenity in the heart of Sandton. Boasting beautiful expansive views of the skyline, three bedrooms, two bathrooms, open plan kitchen, lounge, balcony, 24-hour security, two parking bays.

"High Street Auctions has proudly established itself in the South African marketplace as the leading auction house through its comprehensive market knowledge and research, its seasoned property professionals, impressive marketing reach and its world class auction events," enthusesJames Dall, High Street Auctions Joint Managing Director.

Register on www.highstreetauctions.com to receive information on the properties for the upcoming auction, held on Thursday 19 June which begins at 12pm and takes place at Summer Place, 69 Melville Road, Hyde Park. Well-known Lead Auctioneer and Director of High Street Auctions, Joff van Reenen, will conduct the auction.

Last modified on Friday, 30 May 2014 20:29

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